Don’t be too hard on yourself if you haven’t been sticking to that budget that you set months or even a year ago - a lot has happened since then!
Instead take the time to look at alternative ways to save, no matter how large or little that amount may be.
We’ve put together a few handy suggestions on how you can put some money away without feeling the sting too much.
Review your accounts
If you’ve had the same account for a while now, there is a chance that the features are no longer benefiting you as well as they could. Be sure to jump on our website and take a look at our savings accounts to see if there is one better suited to your current needs.
Cut the subscriptions
Review your outgoing expenses and check what items are being automatically taken out of your account to see if you can cull anything that you’re not using. If you are currently signed up to any subscriptions, consider a short term cancellation or joining forces with a friend, family member or partner! Most streaming services offer cheaper bundles when you invest in shared accounts which could save you a few extra dollars.
Review your regular expenses
- Power, phone, insurance and health cover are some of our biggest expenses. Shop around for a better deal. It costs nothing and it could save you in the long term.
- Are you still using that gym membership? Instead, check out some alternatives like free online workouts that you can do in the comfort of your own home or simply go out for a walk with a friend in the local neighbourhood.
- Stock up on those expensive grocery items when they are on sale. No need to go overboard though! Cooking at home instead of getting takeaway is also a great money saver. Do a weekly meal planner and only shop for those items that you need. It saves a lot of waste and money.
Micro investing
During these uncertain times, the stock market can seem like a pretty scary place to start putting your money. However, it is expected that markets will recover in the long term, so fear not! Micro-investing is where you can invest your spare change into a portfolio of your choice, which will then distribute the funds across a range of different stocks. As with any form of market investing there are always going to be risks, the value of your investment can go down as well as up.
So before diving in headfirst, make sure you do some research before you commit to any investing. There are plenty of apps that focus on micro-investing, be sure to check out their Terms and Conditions, as most of these apps come with fees. Remember, if you are unsure, you should get independent financial advice before committing to anything.
No matter the reason, saving for something gives you a great sense of accomplishment. Decide what you want to achieve and then work out how you can reach that goal. It’s an investment in your own future.
This article is intended to provide general information of an educational nature only. It does not have regard to your objectives, financial situation or needs and must not be relied upon as financial product advice. Before you act on this information, you should consider whether it is appropriate for your circumstances. Applications subject to credit approval and fees and charges are payable. Terms and conditions apply and are available on request. Information in this article is current as at the date of publication.
